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100% Occupied, NNN Service-Oriented Mixed Use 524 E Washington St 67,395 SF 100% Leased Retail Building Chagrin Falls, OH 44022 $7,840,000 ($116.33/SF) 8.10% Cap Rate
INVESTMENT HIGHLIGHTS
- 100% Occupied, NNN, 3-Building Retail/Flex Asset: Exceptionally Affluent Market with Average Household Incomes Over $225,000
- Top Rated Education System Countrywide: Chagrin Falls High School Rated in Newsweek's "Complete List of Top U.S. Schools"
- Attractive Price/S.F. at Just Over $116/SF
- Long-Term Service-Oriented and Other Recession Proof Users Tenants: Recent Renewals, Extensions, Expansions and Leasing Activity
- Proven Asset: Many Tenants Have Been in Place For Years (20% for Over 10 Years) Consistently Exercising Renewals
- Surrounded by High-Class Residential Communities and Luxury Living with the Recent Addition of Riverhaus Chagrin Falls of New Luxury Townhomes
EXECUTIVE SUMMARY
Located in the charming town of South Russell, home to approximately 4,000 residents and is located at the western edge of Geauga County, Ohio. The village is a residential community with unique character and rural “at home” charm. South Russell students attend the highly acclaimed Chagrin Falls School System. There is a little bit of everything to everyone’s liking, from breathtaking scenery, high-end lifestyle, to delicious food scenes and culture. South Russell is adjacent to the well-known Village of Chagrin Falls and is located on the border in both Cuyahoga and Geauga Counties, a suburb of Cleveland in the Cleveland-Akron-Canton MSA, the 15th-largest Combined Statistical Area nationwide. South Russell/Chagrin Falls are just 28 miles from Cleveland Hopkins International Airport.
PROPERTY FACTS
Sale Type
Investment NNN
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Building Size
67,395 SF
Building Class
B
Year Built
1958
Price
$7,840,000
Price Per SF
$116.33
Cap Rate
8.10%
NOI
$635,062
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.31
Lot Size
5.00 AC
Zoning
R-3A
Parking
45 Spaces (0.67 Spaces per 1,000 SF Leased)
AMENITIES
- 24 Hour Access
- Signage
- Air Conditioning
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 29-056100 | Improvements Assessment | $1,001,390 |
| Land Assessment | $118,440 | Total Assessment | $1,119,830 |
PROPERTY TAXES
Parcel Number
29-056100
Land Assessment
$118,440
Improvements Assessment
$1,001,390
Total Assessment
$1,119,830
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100% Occupied, NNN Service-Oriented Mixed Use | 524 E Washington St
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